Articles of Incorporation Utah: Everything You Need to Know
Creating articles of incorporation Utah is the first action you need to take when forming a non-profit corporation or business.3 min read
2. How to File Articles of Incorporation for a Utah Profit Corporation
3. Who Can Manage a Profit Corporation?
Creating articles of incorporation Utah is the first action you need to take when forming a non-profit corporation or business. Once the articles of incorporation get approved, your corporate name is secured and the legal entity of your corporation is formed. You can then apply for tax IDs for your company, sign contracts, get business licenses, and conduct business in general.
Benefits of Incorporating
There are numerous benefits to incorporating, including the following:
- Fulfilling legal requirements to register your organization or business name.
- Decreasing liability of officers, shareholders, and directors.
- Giving governance and adding credibility to an organization or business.
How to File Articles of Incorporation for a Utah Profit Corporation
Articles of incorporation in Utah need to include certain information. Some data is voluntary and will be stated as so. Anything sent to the Division of Corporations is public record. If you wish to keep some information confidential, you should seek out the help of a professional.
The first item you must list is your corporate name. This needs to be different from any other company registered in the state of Utah. This includes any registered partnerships, service marks, fictitious names, limited liability companies, non-profits, trademarks, and reserved names. You can decide to reserve your chosen name for up to 120 days. To do this, you must file the Application for Reservation of Business Name. This can be done through the mail or online and costs $22 to file it.
The name of the corporation needs to have a corporate designator, such as "incorporated," "corporation," or "company." Specific words can't be used in the name unless you get approval first. This includes words that are connected to educational institutions or the Olympics.
Next, you need to figure out why the corporation is forming. This purpose should be listed in a general statement, and any reasons that are lawful acts are acceptable. The type and number of shares that are authorized need to be listed next. Corporations can give out common stock, or one class of share, or choose to issue multiple types of share, such as preferred and common stock. You must include the limitations, relative rights, and preferences of each class in the articles of incorporation if there is more than one class that's authorized.
A registered agent is in charge of getting the notice of a lawsuit, or service of process. They'll also get any government notices that are sent to the corporation. The agent can be a business entity or one person, such as an officer of a corporation. However, a corporation cannot be their own registered agent.
In order to keep your name and address from the public part of the state's website, you can have your commercial registered agent listed instead and serve as the agent for the company. Selecting a commercial registered agent is a good option if you work out of your home or spend time away from your office on a regular basis.
Some people choose this option for additional privacy or if they don't want a process server or sheriff coming to their office and seen by their employees or clients. The office address that's registered needs to be a street address in Utah and cannot be a mailbox service or PO box.
You'll then need to write the name and address of the person who is in charge of organizing the corporation. They need to be at least 18 years of age. A separate sheet can be attached if there are additional incorporators. Every incorporator needs to sign the articles. The last step is listing the main address of the company.
Who Can Manage a Profit Corporation?
Shareholders elect directors to manage the corporation. Corporate officers are elected by the Board of Directors to run the daily operations and perform particular decisions for the business. The names, addresses, and positions of the directors can be listed in the articles of incorporation. Corporations in Utah must have at the minimum three people elected to be directors. During the corporation's first year, they can have one officer and one director. This doesn't need to be stated in the articles.
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